Tower Automotive, Inc. (NYSE: TWR), today announced that its board of directors has approved the purchase of up to $100 million of shares of the company’s common stock from time to time, if authorized by the executive committee of the board.

The shares may be purchased from time to time in the open market at prevailing prices and at times and amounts to be determined by the board’s executive committee as market conditions and its capital position warrant. The purchased shares will be placed in treasury and may subsequently be reissued for general corporate purposes.

Tower Automotive, Inc., produces a broad range of assemblies and modules for vehicle structures and suspension systems for the automotive manufacturers, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto Alliance, Fiat, BMW and Volkswagen. Products include body structural assemblies such as pillars and package trays, control arms, suspension links, engine cradles and full frame assemblies. The company is based in Grand Rapids, Mich., and has its corporate office in Minneapolis, Minn.